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CAPP releases energy platform document for Newfoundland and Labrador

CAPP’s recommendations for provincial policies and initiatives that support the oil and natural gas sector.

May 1, 2019

A provincial election in Newfoundland and Labrador has been called for May 16, 2019. The Canadian Association of Petroleum Producers (CAPP) has released its energy platform document, Oil and Natural Gas Priorities for a Prosperous Newfoundland and Labrador. The document outlines issues of concern to the upstream oil and natural gas sector along with a series of recommended actions. These recommendations are designed to promote a strong growth scenario for the oil and natural gas industry in the province, increase competitiveness in the global energy market, and attract more investment.

“A healthy offshore oil and natural gas industry benefits all of Canada, and builds on the backbone of our economy,” says Paul Barnes, Director, Atlantic and Arctic. As Newfoundlanders and Labradorians head to the polls, the message is that a vote for energy is a vote to build a prosperous Newfoundland and Labrador.”

CAPP’s vision: make Newfoundland and Labrador the world’s most attractive place for offshore oil and natural gas investment.

CAPP developed the platform to inform all Newfoundlanders and Labradorians of the concerns and vision of the oil and natural gas business in a manner that is non-partisan and is not advertising. The business of energy is the business of every government of Newfoundland and Labrador regardless of its political persuasion. CAPP does not support or oppose any particular registered party or candidate in any province, or federally.

Potential benefits of a strong offshore industry

According to the Newfoundland and Labrador Oil and Gas Industries Association (Noia), were the Atlantic province to successfully capitalize on its oil and natural gas potential, it could see the following benefits by 2033:

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Total employment supported by the industry across the province increasing to 56,000 jobs in Newfoundland and Labrador, plus an additional 22,700 jobs in the rest of Canada.

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More than $4.6 billion per year in labour income across the province.

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An increase in consumer spending to $3.5 billion per year.

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An increase in provincial government benefits through royalty and tax payments and equity to $6.7 billion in 2033.

Highlights of the document include CAPP recommendations on: competitive regulatory policies; expediting developments; and fiscal and economic policies to improve project economics and enable new development. The ultimate vision is to make Newfoundland and Labrador the world’s most attractive place for offshore oil and natural gas investment. Read the full report here.

The platform developed for Newfoundland and Labrador is similar to energy platforms CAPP developed earlier this year for the Alberta election, and a federal energy platform that will be released later in May 2019.

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About Context: Energy Examined magazine

This magazine website is published by the Canadian Association of Petroleum Producers as part of an ongoing dialogue with Canadians. Context: Energy Examined aims to provide an engaging insider’s perspective for the public. Articles range from features on key and timely industry issues, profiles of people working in Canada’s oil and gas sector and educational content designed to build industry knowledge. Content is edited by CAPP Communications; questions on editorial content may be referred to context@capp.ca.